S&P Global Platts proposes to launch a daily tallow assessment, basis Chicago, on September 21, 2020, to provide more transparency on the biofuels value chain.
Tallow is an animal byproduct used in animal feed, chemicals and biofuel production.
The assessment would reflect one to five rail cars with a typical volume of 175,000 lb of tallow delivered into the greater Chicago area, shipped one-30 days forward. The proposed new assessment would be published as an outright price in cents/lb. The assessment would reflect specifications for all-beef packer tallow as defined by the American Fats and Oils association.
Chicago serves as a hub for tallow trading, with many renderers shipping tallow into Chicago where it is traded and bought for use in different industries. The US produced approximately 3.85 billion pounds of inedible tallow in 2019, according to the US Department of Agriculture.
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